Amazon has showed investors little love in terms of returns since July of last year.
Price action has moved largely sideways over that time with clear levels of support and resistance allowing us to see where the buyers and the sellers are. The GoNoGo Trend has been able to maintain the Go trend during the majority of this consolidation with the exception of a few Go Fish bars recently. Back again in a Go, price has rallied to test the upper bound of the channel. This will be significant for the largest company in the consumer discretionary sector and for the market as a whole if it can break higher and turn this resistance into support. As is to be expected, the GoNoGo Oscillator has been muted during this time, riding the zero line or staying very close to it. The GoNoGo Oscillator has just squeaked into positive territory however, we will keep an eye on this chart.